Step by Step Guide for First Time Home Buyers

Buying a property such as a house is a huge step. For first home buyers Perth has today, it is important to try and learn as much as you can about the process. The more you know, the more you can prepare for it. When thinking about buying a home, most people only think about the actual buying process. But what you do before and after that is just as important; hence, this is something that first homebuyers house and land Perth currently offers must consider.

Pre-Purchase

Before the buying process officially begins, your work is already starting. The decision to own a home is already a big step; rather than wasting your money on paying for rents, you can use that towards paying your mortgage.

The first thing to consider is a type of home you should invest in. Your choices include a single family home (the traditional option), condo unit, townhouse, or a multi-family building. There are pro’s and con’s for each option and it is up to you to select what would suit your current needs best. If you have kids of your own, the single family home or townhouse might be ideal. But if you are a single individual, the condo might provide convenience.

You should also consider your budget: how much can you afford? Even if you might want to buy a particular type of property, you might not qualify for a mortgage requirement. Therefore, it is a good idea to consider this at this stage so you won’t have any complications later.

The Buying Process

This is where you actively seek first home buyers house and land Perth packages that are available. You can contact real estate agents to learn about the available listings in your local area. They can help narrow down your search according to the type of home that you wish to buy. First home buyers Perth has could definitely leverage the services of a real estate agent to find the ideal property that also meets their budget.

At this point, you should also approach banks and other financial institutions about your financing options. Most financing institutions have a standard 20% down payment requirement. Therefore, it is a good idea to prepare this amount prior to house hunting. You should also investigate about the interest rate on your mortgage as it can significantly impact the total cost of the property.

Post-Purchase

Once you have purchased the home you want, continue to save since you are going to pay for the monthly mortgage fees. It is also a good time to start an emergency fund, if you haven’t already. Owning a property such as a home will also require maintenance; you should have enough funds to cover any accidental repairs.

Stop monitoring the housing market. Once you have owned the property, you should not bother about the activity in the housing market. The only time you should worry about that is when you intend to re-sell your home!

Are you ready to be among the first home buyers Perth has? You can check out first home buyers house and land packages Perth currently has to offer at http://www.b1homes.com.au/